Congratulations on reaching Level 120! There are a myriad of new things to do. The first thing you should do is head to your faction hub ship where you have been doing your mission table quests and footholds to pick up and complete the quests necessary to unlock World Quests. World Quests will provide you an opportunity to grind reputation levels, acquire gear, and gather Azerite. There are tons of new things to do that we will cover in our Level 120 Battle Guide found here: Level 120 Battle Guide.
I recommend not counting on transmog sells for your monthly gametime. Its a great market, but also pretty random. You have to have the right items posted at the right moment if a player needs a certain item. If this is not the case, of course you will not sell anything to him. There are people making millions of golds a month with transmog. But they are very professional at it and it really takes a lot of time.
The main tool for any serious gold maker is TradeSkillMaster. It is an addon suite with a desktop application that downloads price data and allows you to create rules for easy crafting, mailing, shopping and posting your items on the auction house. It has a premium service that includes e-mail notifications for great deals and importing great deals as a shopping scan.
Once your character makes it to Outland and beyond, cashflow frees up considerably. The quest rewards are much better than in Azeroth. In fact, a typical character will earn from 1000-1200 in quest rewards and vendor trash while leveling 60-70 in Outland, and perhaps 1400-1600 from 70-80 in Northrend. The tendency is, therefore, to spend more freely after one hits 60. However, it is important for players not to go crazy on their spending once they make it to Hellfire. One thing is, training costs, repair costs, and consumable costs are also higher. More important, there is a large purchase that you are going to want to make at some point after level 60, your first flying mount and skill. The "bird" costs 40, the skill will cost you far more. Not only that, but if you want to fly it in Northrend at level 70, you'll have to shell out another 400 for Cold Weather Flying. And for those characters who will be 'farming' herbs or ore in either Outland or Northrend, an elite flying mount is almost essential, as it helps you gather almost twice as fast. That's another 5000 you'll be looking at. Therefore, budgeting carefully during the 60-80 leveling process is essential to ensuring you have sufficient cash on hand for making those purchases. Saving your pennies early makes that bird appear that much sooner.
Most of the players make the mistake of only listing 30-50 transmog items on the auction house and then hoping to get half of them sold until the next day. Me and a lot of other gold farmers and transmog sellers do have 3.000-10.000 items on the auction house across various realms. It does not mean you have to do it that way – but if you have 1000 items listed, chances are higher you can sell up to 10 per day. With only 100 items listed, you have to be lucky to sell one. Of course, the sells are not guaranteed if you post more items. But i’m sure you have a lot more fun if you open your mailbox and 10-20 items are sold